ISLAMABAD: The Securities and Exchange Commission of Pakistan (SECP) held a roundtable to seek stakeholders’ suggestions and recommendations to revamp the 2015 bancassurance regulatory framework.
The roundtable was called to revamp the framework to achieve market development, enhance insurance penetration and protect policyholders’ interests.
A large number of representatives of the insurance industry, officials of the State Bank, federal insurance ombudsman and members of the small dispute resolution committees attended the roundtable in Karachi. The participants deliberated upon various bottlenecks and issues hampering growth of the insurance sector and suggested solutions.
The tentative recommendations include mandatory contents of call-back confirmation, provision of documents in Urdu, rationalisation of remuneration structure for banks, communication during policy cycle through policyholders’ preferred mode, automated need analysis, fit and proper criteria for head of bancassurance and training requirements for sales staff.